PrincipleofLegitimatePurpose........................................ 444 PrincipleofProportionality ........................................... 445 Organizational, Physical, and Technical Security Measures . . . . . . . . . . . . . . . . . 445 PowersoftheNationalPrivacyCommission.............................. 447 Mandatory Personal Information Breach Notification. . . . . . . . . . . . . . . . . . . . . . 447 Requirements of Breach Notification (Sec. 38, IRR) . . . . . . . . . . . . . . . . . . . . . . . . 447 Sanctions .......................................................... 448
Regulatory Framework and Legal Issues in Business
UNIT IX ELECTRONIC COMMERCE ACT OF 2000 (REPUBLIC ACT NO. 8792) AND THE RULES ON ELECTRONIC EVIDENCE (A.M. NO. 01-7-01-SC) CHAPTER 1: ELECTRONIC COMMERCE ACT OF 2000 (REPUBLIC ACT NO. 8792)
Exceptions ......................................................... 389 GarnishmentofDeposits ............................................. 392 Confidentiality of Foreign Currency Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393 PenaltyforViolation................................................. 394
453
CHAPTER 5: UNCLAIMED BALANCES LAW (PRESIDENTIAL DECREE NO. 679)
398
454
RequirementtoReport............................................... 399 ProcedureforEscheat ............................................... 399 ReactivationofAccount.............................................. 400
Application ........................................................ 454 Legal Recognition of Electronic Writing or Document and Data Messages . . . . . 456 Presumption Relating to Electronic Signatures. . . . . . . . . . . . . . . . . . . . . . . . . . . . 457 Admissibility and Evidential Weight of Electronic Data Message or Electronic Document ......................................................... 457 FormationofContractsinElectronicForm............................... 458
CHAPTER 6: TRUTH IN LENDING ACT (REPUBLIC ACT NO. 3765)
403
UNIT VII ANTI-MONEY LAUNDERING ACT (REPUBLIC ACT NO. 9160, AS AMENDED)
CHAPTER 2: RULES ON ELECTRONIC EVIDENCE (A.M. NO. 01-7-01-SC)
460
xiii ApplicationoftheRules.............................................. 460 Electronic Data Message and Electronic Document. . . . . . . . . . . . . . . . . . . . . . . . 460 Admissibility in Evidence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461 Authentication ..................................................... 462 UNIT X FOREIGN INVESTMENTS ACT, AS AMENDED (REPUBLIC ACT NO. 7042, AS AMENDED BY REPUBLIC ACT NO. 8179 AND REPUBLIC ACT NO. 11647) 466 UNIT X (REPUBLIC ACT NO. 7042, AS AMENDED BY REPUBLIC ACT NO. 8179 AND REPUBLIC ACT NO. 11647) 466 Philippine National .................................................. 468 Doing Business ..................................................... 470 Registration of Investments of Non-Philippine National . . . . . . . . . . . . . . . . . . . . 474 Foreign Investments in Export Enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474 Foreign Investments in Domestic Market Enterprises . . . . . . . . . . . . . . . . . . . . . . 475 Philippine National .................................................. 468 Doing Business ..................................................... 470 Registration of Investments of Non-Philippine National . . . . . . . . . . . . . . . . . . . . 474 Foreign Investments in Export Enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474 Foreign Investments in Domestic Market Enterprises . . . . . . . . . . . . . . . . . . . . . . 475
408
xi FreezeOrder....................................................... 421 AuthoritytoInquireintoBankDeposits................................. 422 InquiryofBankDepositswithCourtOrder............................... 422 Inquiry of Bank Deposits without a Court Order . . . . . . . . . . . . . . . . . . . . . . . . . . 423 StagesofMoneyLaundering.......................................... 409 CoveredInstitutionsandTheirObligations............................... 410 Suspicious Transactions and Suspicious Circumstances ..................... 413 How Money Laundering Is Committed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 Reporting of Covered and Suspicious Transactions . . . . . . . . . . . . . . . . . . . . . . . . 416 SafeHarborProvision................................................ 416 Anti-Money Laundering Council; Functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416 UnlawfulActivity(PredicateCrime)..................................... 419
UNIT VIII DATA PRIVACY ACT (REPUBLIC ACT NO. 10173)
UNIT XI FINANCIAL REHABILITATION AND INSOLVENCY LAW (REPUBLIC ACT NO. 10142) UNIT XI FINANCIAL REHABILITATION AND (REPUBLIC ACT NO. 10142)
426
484 484
ScopeofDataPrivacyAct............................................. 428 ApplicationoftheLaw ............................................... 431 KindsofPersonalData............................................... 433 PersonalInformationController(PIC)................................... 434 Personal Information Processor (PIP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 GeneralDataPrivacyPrinciples........................................ 435 RightsofDataSubjects............................................... 436 RighttoBeInformed................................................. 437 Criteria for Lawful Processing of Personal Information . . . . . . . . . . . . . . . . . . . . . 438 RighttoObject ..................................................... 441 RighttoAccessuponDemand......................................... 441 Right to Rectify . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 Right to Erasure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 RighttoDataPortability.............................................. 442 Right to Damages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443 RighttoFileaComplaint ............................................. 443 TransmissibilityofDataSubjectRights.................................. 444 Limitations on Rights of Data Subject . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444 PrincipleofAccountability............................................ 444 PrincipleofLegitimatePurpose........................................ 444 PrincipleofProportionality ........................................... 445 Organizational, Physical, and Technical Security Measures . . . . . . . . . . . . . . . . . 445 PowersoftheNationalPrivacyCommission.............................. 447 Mandatory Personal Information Breach Notification. . . . . . . . . . . . . . . . . . . . . . 447 Requirements of Breach Notification (Sec. 38, IRR) . . . . . . . . . . . . . . . . . . . . . . . . 447 Sanctions .......................................................... 448
RehabilitationandInsolvency ......................................... 485 Debtor and Creditor ................................................. 486 NatureofProceedingsunderFRIA...................................... 487 VoluntaryProceedings............................................... 489 InvoluntaryProceedings.............................................. 490 Pre-negotiated Rehabilitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491 Out-of-Court or Informal Rehabilitation Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 492 Suspension of Payments by an Individual Debtor. . . . . . . . . . . . . . . . . . . . . . . . . . 495 RehabilitationReceiver............................................... 496 Objections to Rehabilitation Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 498 Effects of Confirmation of Rehabilitation Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 RehabilitationandInsolvency ......................................... 485 Debtor and Creditor ................................................. 486 NatureofProceedingsunderFRIA...................................... 487 VoluntaryProceedings............................................... 489 InvoluntaryProceedings.............................................. 490 Pre-negotiated Rehabilitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491 Out-of-Court or Informal Rehabilitation Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 492 Suspension of Payments by an Individual Debtor. . . . . . . . . . . . . . . . . . . . . . . . . . 495 RehabilitationReceiver............................................... 496 Objections to Rehabilitation Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 498 Effects of Confirmation of Rehabilitation Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 Liquidation......................................................... 501 VoluntaryLiquidation................................................ 501 InvoluntaryLiquidation .............................................. 501 Conversion of Rehabilitation Proceedings to Liquidation Proceedings. . . . . . . . . 502 LiquidationOrder ................................................... 503 EffectsoftheLiquidationOrder ....................................... 504 TheLiquidator ..................................................... 504 QualificationsoftheLiquidator ....................................... 505 Powers, Duties, and Responsibilities of the Liquidator . . . . . . . . . . . . . . . . . . . . . 505 RemovaloftheLiquidator ............................................ 506
xiv xiv
xii
REFERENCES .................................................... 509
UNIT IX ELECTRONIC COMMERCE ACT OF 2000 (REPUBLIC ACT NO. 8792) AND THE RULES ON ELECTRONIC EVIDENCE (A.M. NO. 01-7-01-SC)
2025 Higher Education Learning Solutions for the Business and Accountancy Program 61
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